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So You Want to Purchase Brooklyn Realty — Where Do You Start?
written by Warren Lewis Team
Be a prepared and knowledgeable purchaser by:
1. Getting pre-approved for a loan
2. Engaging an attorney
3. Registering with a real estate agent
4. Being realistic about your finances with yourself and your real estate agent
5. Being honest about your likes and dislikes
6. Placing a realistic offer for the property
7. Letting your agent be your guide
Getting Pre-Approved For a Loan: Pre-approval tells the realtor that you’re serious. Pre-approval is not a loan, but it indicates that within a given price range, you should have no problem securing financing, subject to the specific property and its price, and further due diligence by the lender.
Engaging an Attorney: Most real estate attorneys charge fixed rates; but these rates may differ attorney to attorney. Ask for your realtor’s advice, bearing in mind that many of these attorneys will be local and thus extremely knowledgeable about the neighborhood properties. As you would with any professional, call the attorney, discuss fees and get comfortable with him since he will be your legal representative throughout the purchasing process.
Registering with a Real Estate Agent: Most agents have access to listings outside their own geographic area. However, you should choose an experienced agent who has expertise and knowledge, not only of Brooklyn realty, but also of the specific neighborhood in which you want to live. Your agent should know the schools, the transportation, the shops, the local contractors, the restaurants, cultural institutions and even the local parking conditions.
Being Realistic about Your Finances with Yourself and Your Real Estate Agent: Your agent will accompany you to view properties. As much as you demand honesty and integrity from them, you need to be honest and upfront with your agent. Be realistic about your finances, so that the agent will avoid showing you properties outside your price range.
Being Honest about Your Likes and Dislikes: So you’ve seen a property which you really did not like. Speak up! It’s to your advantage to clearly tell the agent what you specifically liked and disliked so that they will be able to finer tune the properties that fit your bill. Why see other properties which fit your “don’t like” list? You won’t hurt the agent’s feelings if you’re up-front, clear and honest. Remember, your real estate agent will not take it personally if you don’t like a specific property. You don’t like the doorknobs, or the paint color—these can be changed. There are certain things that cannot be remedied. So speak up clearly and honestly.
Placing a Realistic Offer for the Property: The seller has already shown their seriousness by listing their property for resale. If you truly want that property, you must indicate that you’re as serious as they are. All offers received by an agent must be presented to the seller; however, all offers presented may not be viewed as serious. For example, you offer half of the listed price “just to get things going.” While you intend to later increase your offer, the seller may remember that first bid, and being human, may choose a different purchaser who offers exactly what you eventually end up offering. You and the other purchaser may end up at the same spot, but the seller may remember that initial bid.
Letting Your Agent Be Your Guide - An agent’s reputation is only as good as the last good transaction. While your real estate agent is compensated based on the sales price, it is against their ethics and best interests to intentionally give poor or self-serving advice to a purchaser. The best real estate agents work on referrals from satisfied buyers and sellers, and when they successfully guide purchasers through the difficult sales process, then you’ll be satisfied and may recommend them to other friends and family members.
We’ve always treated buyers and sellers by the Golden Rule: treat a customer and client as we would have them treat us—with mutual respect, honesty and disclosure. Let us guide you through the process of purchasing Brooklyn realty.